Twitter | Pretraživanje | |
Roger Ehrenberg
20.161
Tweetovi
200
Pratim
34.689
Osobe koje vas prate
Tweetovi
Roger Ehrenberg 14 h
Odgovor korisniku/ci @drmosca @ganeumann
Yup. Took me a while but I got there.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 14 h
Odgovor korisniku/ci @ganeumann @MrVelvet
See p. F-34. This shows the Series D pre-9/30/19 which is the original issuance ~$70m for 2.240m shares. The extension plus various warrants on the Series D are what boost the share count attributable to the class to 2.996m shares. What a cluster. Crunchbase # wrong it seems
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 14 h
Odgovor korisniku/ci @ganeumann @MrVelvet
Actually, based on p. 96 it appears that the original Series D was for $70m. $70m + $13m = the $83m cited here. This yields $27.70 PPS assuming 2,996,217 shares upon conversion.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 14 h
Odgovor korisniku/ci @ganeumann @MrVelvet
You're missing something important. The $13m was a Series D extension sold at the original Series D price. I believe the total Series D, both initial and extension, was $113m. See p. 75 where additional Series D was issued to 2 accredited investors post 9/30/19 for $13m.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 17 h
Odgovor korisniku/ci @ganeumann
Ummm. I thought you were just asking about the ratchet provision. It could be set at a target IRR which pushed the make whole below the IPO price.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 18 h
Odgovor korisniku/ci @ganeumann
Square had this. The make whole ended up costing billions in future market cap.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 3. velj
Odgovor korisniku/ci @howardlindzon
👃
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 3. velj
Odgovor korisniku/ci @howardlindzon
💯. A humble and insightful comment. Totally true.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 3. velj
Sage advice from borne of 30+ years of early stage investing experience. We embrace this frame
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 2. velj
Building seed stage partnership Some reflections on my love of seed stage investing and the founders and businesses I aspire to work with
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 2. velj
Odgovor korisniku/ci @friedmandave @bsiscovick i 3 ostali
I think they would be equally secretive in private or public formats and that the SEC would be fine. Do you see tech companies disclose their core code or a biotech their chemical compounds?
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 2. velj
Odgovor korisniku/ci @friedmandave @bsiscovick i 3 ostali
I don’t believe they would. I think they could be sufficiently obtuse as to comply with SEC disclosure regs while protecting their core IP, just like hard tech, biotechs, etc.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 1. velj
I may have lost 5 pounds of water weight 💦 〽️🏀🔥👍
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 1. velj
Odgovor korisniku/ci @friedmandave @lisacuesta i 3 ostali
Nailed it. 100% David.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 1. velj
Odgovor korisniku/ci @lisacuesta @micahjay1 i 3 ostali
100% Lisa! I couldn't agree more. This is NOT suitable for a firm with a large early stage component and little strategy and cash flow diversification. That's where the ICGE / CMGI stories fell down.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 1. velj
Odgovor korisniku/ci @lisacuesta @micahjay1 i 2 ostali
I'd argue that later stage VC cashflows are *relatively* predictable given the mix of management fee (on large AUM) and 2-3x net exit history. Augment this with venture credit and public portfolios leveraging private investment insights and I think the story is compelling.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 1. velj
Odgovor korisniku/ci @dhaber @micahjay1 i 2 ostali
I totally agree David. a16z, GC are two logical candidates.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 1. velj
Odgovor korisniku/ci @micahjay1 @artzandy @friedmandave
That wasn't the question. And no, if you had a mix of later stage venture, venture credit products, public portfolios leveraging knowledge of private investments, etc. this would be fine.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 1. velj
Odgovor korisniku/ci @guywuolletjr
Not under the new tax law. have all converted.
Reply Retweet Označi sa "sviđa mi se"
Roger Ehrenberg 1. velj
Odgovor korisniku/ci @artzandy @friedmandave
I'm not sure Social Capital was around long enough to build the culture and connective tissue to pull this off. Those that have done it have expanded their scope gradually and across a generation. A heavy lift for sure but the and are compelling examples.
Reply Retweet Označi sa "sviđa mi se"